Broadcom (NASDAQ:BRCM): Citigroup downgraded Broadcom to Neutral from Buy, citing decelerating smartphone industry growth and increasing connectivity competition following the company’s second-quarter results. The firm also lowered its price target for shares to $34 from $41.
SourceFire (NASDAQ:FIRE): William Blair downgraded SourceFire to Market Perform from Outperform, citing the takeover by Cisco, as the firm does not expect another competing bid for the company.
J.C. Penney (NYSE:JCP): After learning that Paul Rutenis, who led the launch of J.C. Penney’s new home department, would be departing the company, Citigroup sees downside risk to J.C. Penney’s same-store sales and margins in the second quarter. The firm believes that Rutenis’s exit signals that there has been an underwhelming response to the company’s new home department and keeps a Neutral rating on the stock with a $20 price target.
Embraer (NYSE:ERJ): JPMorgan upgraded Embraer to Neutral from Underweight with a $43 price target, attributed to valuation and likely upward revisions to consensus estimates following the company’s second-quarter results on Thursday.